Forward Industries Expands Solana Treasury to 8.7 Million SOL as Per-Share Growth Slows

Forward Industries bought 226,396 SOL between 1 October and 9 November 2026 at an average cost of $75 each, lifting its holdings to 8,727,694 SOL. Its own figures also show the downside: net asset value fell from $870,382,702 at the end of September to $600,251,077 in this mid-quarter update, while institutional debt rose to $187,500,000.

If you hold Forward shares, the number that matters is SOL per share, and it moved far less than the headline holdings did. Each fully diluted share now represents 0.0824 SOL, up from 0.0806 on 30 September. That is a gain of 2.3% over 40 days, which the company annualises to about 21%. The figures are, in the company's words, "preliminary and unaudited."

• Forward Industries raised its Solana holdings by 2.7% to 8,727,694 SOL, about 1.5% of SOL's circulating supply.
• Net asset value fell to $600,251,077 from $870,382,702 at the 30 September quarter end, as institutional debt rose to $187,500,000.
• Forward plans to spend proceeds from a new $50 million credit line on its SOL++ strategy and to expand to Solana with USHP in 2027.

More SOL, a Smaller Net Asset Value

The company's update says holdings of SOL and SOL equivalents rose from 8,501,298 on 30 September to 8,727,694 on 9 November. The SOL added came at an average cost of $75 per token, and staking rewards in that total were booked at no cash cost.

Net asset value is what the treasury is worth after debt. Forward's fell to $600,251,077 from $870,382,702 at the prior quarter end, even though it owned more SOL. Institutional debt outstanding over the same comparison rose to $187,500,000 from $167,500,000. The release does not split the drop into its causes, so the table alone does not tell you how much came from the token's price and how much from the balance sheet.

Shares Trade Just Below the Value of the SOL

Forward reports a fully diluted mNAV of 0.976x at a share price of $5.53. mNAV compares the company's market value with its net asset value. A reading below 1 means the market values the whole company at slightly less than the treasury it holds, net of debt.

That matters for how Forward funds itself. A treasury company that trades above its asset value can sell new shares and buy more SOL per share than it gives away. Below 1, selling shares to buy SOL works against the SOL-per-share figure the company says it wants to grow.

A $50 Million Loan Secured by Staked SOL

Forward said it secured a $50 million credit facility with a two-year term at SOFR, a US benchmark lending rate, plus 150 basis points (1.5 percentage points), with the rate floored at SOFR on the origination date. The lender is described only as "a federally chartered, FDIC-insured national bank." The release does not name it.

The loan is secured by SOL held by Forward. According to the release, "the pledged collateral remains staked and continues to earn native staking yield, with no rehypothecation." In plain terms, the bank cannot lend or reuse the pledged SOL, and Forward keeps earning staking rewards on it. Forward intends to use the proceeds to accelerate its SOL++ strategy.

Barclays Joins the Share Sales Programme

Forward also added Barclays as a sales agent to its at-the-market equity offering, alongside Cantor. An at-the-market programme lets a company sell new shares into the market over time. More agents can mean more share sales, which is why the fully diluted SOL-per-share figure is the one to watch rather than the total SOL count.

Chief investment officer Ryan Navi framed the update as progress on a larger goal. "These steps advance our vision to build the 'Berkshire Hathaway of Solana' by growing SOL per share and creating durable value for shareholders," he said in the release.

What Forward Has Planned for 2027

Forward said it intends to work with USHP to expand to Solana in 2027 and to direct USHPi income toward SOL accumulation. The release gives no timetable beyond the year.

Some details remain unconfirmed. Reports that SOL and Forward's shares hit three-month lows this week come from a single outlet, and no price-data page we checked confirms them. Claims that Forward holds the largest Solana treasury among listed companies also rest on one outlet and have not been checked against rivals' filings.

The next test is the full quarterly report. Because these figures are unaudited, the audited numbers will show whether SOL per share kept rising, and whether the 0.976x mNAV moved back above 1 or stayed below it.